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The 7 Common Documents Needed For Mortgage Refinancing | CC

7 Most Common Documents Needed for Mortgage Refinancing

Amanda Byford
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List of Documents Needed for Mortgage Refinancing

Have you ever wondered, what are the most common documents needed for mortgage refinancing? Today we will discuss and prepare you to be ready with some of the critical documents that are asked by the lenders.

When it is time to apply for a mortgage or refinance you will have them ready instead of stressing yourself to fetch them after they are asked for.

If you are getting ready to purchase a new home or refinancing, we would suggest you make a folder on your computer that contains the following documents so it can be accessed from anywhere anytime.

1. Tax Returns

Tax returns mostly would be asked by the lender if you are self-employed or have income sources other than your employment. 

Mid to late February is the time most people think of getting their taxes filed however, you have till April 15th to do your final submission.

As you gather your paperwork for filing your taxes you want to make sure you have your last 2 years of tax returns. Not necessarily your refund check, or the signature page but the entire tax return statement.

Lenders might want to take a look at the entire tax returns for the last two years. If you have filed your tax returns professionally, you might have received them electronically from your CPA in form of a PDF. 

Once you have them save them in the folder that you created on your computer.

In this folder, you may want to save the tax returns for each year in different folders for easy access as this is one of the most common documents for mortgage refinancing asked by a lender. For example, Tax 2018, Tax 2019.

2. Pay Stubs

if you are employed, one of the critical documents needed for mortgage refinancing is a paystub. Lenders would be needing at least one month’s latest pay stub to verify your income.

Some lenders may ask for more than one month’s pay stub. We suggest you make sure you have them from your employer. Many employees get direct deposits from their employers.

In this case, you can get in touch with your Human Resources department or Personnel Department and ask them to send it electronically in the form of a PDF. 

Your HR department would be able to send it through e-mail which you can now save in the Mortgage document folder on your computer.

Many employers nowadays have a portal where employees can get access and get more information about their paycheck like gross pay, pay cycle, etc. 

You might want to update your pay stubs while in the process of getting a mortgage or refinancing.

Before closing on the loan, lenders might ask you for the latest pay stub for verification purposes.

3. W2 Statements

If you are employed with a company that deducts taxes before paying you, you might receive a W2 statement from your employer every year which shows your tax deductions from your income. Not necessarily every lender asks for this.

However, you might want to keep the W2 statements saved in your Mortgage documents folder for the last two years just in case if it is asked by the lenders.

4. 1099 Forms

Independent contractors receive 1099 forms as a record of income earned. 1099 forms are not just issued for income but also interests, dividends, tax refunds, unemployment benefits, etc.

Again this form is asked by the lenders only in certain situations making it one of the significant documents needed for mortgage refinancing. Your trusted loan officer is the right person to answer any queries you may have.

If you are an independent contractor you might want to save it in the mortgage document folder this could save you a lot of time while you are in the process of refinancing.

5. Bank Statements of Assets

Some lenders may also ask for all of your bank statements. Every account you have with different banks that you have money in, they might ask you for 2 months of bank statements.

These statements could include all your saving accounts and checking account.

6. Social Security Award Letter & Pension Letter

These documents would be asked by the lender if you are a retired individual applying for a refinance. If you are getting income from Social security you would be asked to provide a copy of an award letter.

If you don’t have an award letter, you can get it by calling or visiting your local social security office.

 Similarly, if you are getting a pension you can get the letter from your former employer. Along with these letters, lenders would also need bank statements supporting the fact that the money is getting deposited in your account.

7. Driver’s License

Every lender would need a copy of the legal identification of the person applying for refinancing and, a driving license is one of them. The lender might ask you to send a copy of your driver’s license either by fax or through e-mail.

Since this is one of the most common documents needed for mortgage refinancing, you might want to scan and save a pdf of the same in your mortgage document folder.

Conclusion

These are just some of the most common documents needed for mortgage refinancing depending on your financial situation. There is always a chance that a lender may ask for more documentation depending on your specific situation.

We intend to make sure you are ready with the documents when you decide to refinance and make sure the refinancing process is as smooth as possible.

Amanda Byford

Amanda Byford has bought and sold many houses in the past fifteen years and is actively managing an income property portfolio consisting of multi-family properties. During the buying and selling of these properties, she has gone through several different mortgage loan transactions. This experience and knowledge have helped her develop an avenue to guide consumers to their best available option by comparing lenders through the Compare Closing business.

5 thoughts on “7 Most Common Documents Needed for Mortgage Refinancing

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